About your Search

20130819
20130819
Search Results 0 to 0 of about 1
what the alaskan lands issue tells us about economic questions in general. the alaskan lands issue is an issue of limits. one limit relates to economics. what is the value to society of preserving our natural wilderness? economists will have personal views. we can make no claim to special wisdom. this question is for society to decide. having been appropriately modest, we can now ask what economists can do. the first lesson of economics is that we can't have everything we want. our desires for material goods may be unlimited. our resources for fulfilling those desires are limited and scarce. consider the following diagram-- along this horizontal axis, we measure the acres of alaska preserved as wilderness. if we preserve the maximum amount of alaskan wilderness, we might end up here with 150 million acres of unspoiled natural terrain. on this vertical axis, we measure the valuable resources, say minerals, in those 150 million acres. if all those acres were developed, we would get $13 billion worth of minerals. the notion of limits in economics says you can't be in both places at on
Search Results 0 to 0 of about 1